China expected to add record 75-90GW solar power capacity in 2022

China's solar power capacity is estimated to grow by 75-90GW in 2022, a record high increase, as the country strives to pursue its carbon emissions reduction goals by increasing renewable energy, according to an industry association on Wednesday.

As China's solar power industry continues to advance rapidly in various aspects, the country could add at least 75GW solar power in 2022 to its already massive capacity, Wang Bohua, chairman of the China Photovoltaic Industry Association (CPIA), said during a press conference.

In 2021, China installed a total of 54.88GW solar capacity, up 13.9 percent year-on-year, the largest around the world, surpassing the US' 26.8 GWe, the EU's 25.9GW and India's 11.89GW.

Amid the solid forecast, shares of major Chinese solar giants surged on A-share markets on Wednesday. LONGi shares jumped 4.21 percent, and Trina Solar stocks rose 3.31 percent on Wednesday afternoon.

China's photovoltaic (PV) manufacturing, applications, imports and exports achieved rapid growth in 2021, with the total industry output value surpassing 750 billion yuan ($118.51 billion) last year.

Despite lingering tariffs placed on Chinese solar products, the export value of China-made PV products hit a historic high at over $28 billion in 2021, with the European market reporting the largest growth at 72 percent year-on-year, according to a report by CPIA on Wednesday.  

Europe became China's major export destination of solar products, accounting for 39 percent of the total Chinese exports. 

Chinese silicon solar wafers and cells were mainly exported to Asian markets, while exports of PV modules to the Netherlands, Brazil and Indian markets saw outstanding growths, said the report. 

While around 90 percent of countries around the world are considering their net zero plans to combat the climate crisis, many major countries have pinned their hopes on solar energy. 

After years of work on lowering costs and strengthening a technology-enabled industrial chain, China has consolidated its dominance in the global solar industry: China's solar module output championed worldwide for 15 consecutive years; polysilicon (raw material for solar panels) output topped globally for 11 consecutive years; the country's newly installed solar capacity remained No.1 for nine years and the accumulated solar capacity also topped the world for seven years. 

China introduced a new renewable energy plan last year focusing on building solar and wind power bases in Gobi and other desert areas.